Everyone knows the three most important words in real estate: location, location, location. But what does this actually mean? When you’re buying a new home, what should you look for in terms of location? The question “Where should I live?” seems pretty straightforward, but it’s actually made up of lots of other questions. Like, “How far am I willing to commute? Is this a safe location? Will the value of my property appreciate here?” And a lot of cases, the answer to one question affects the answer to another.
So in this week’s blog, we’re going to break down the big question so you can figure out what really goes into deciding where you want to live. Keep on reading to learn more!
How should you decide where to live?
Location and Buying a New Home: Where Should I live?
Does this area have the amenities I need?
Amenities are one of the first things most people look for when considering an area for buying a new home. Amenities is a broad category, so let’s break it down.
- Schools/school district
- Commerce centers – grocery stores, shopping, banks, etc.
- Hospitals/medical centers
- Community centers – libraries, parks, playgrounds, etc.
- Entertainment options – restaurants, bars, movies, music, etc.
- Transportation options
The more of these the area has, the better. Look into the locations you’re considering and compare and contrast the amenities they have. You’ll also have to prioritize which amenities are most important to you. If you have a car, for example, you don’t need to be as concerned about transportation options.
What are the home values in this area?
This is another question that will definitely factor in to where you want to live, and amenities play a huge role. But it’s not just about amenities. A neighborhood’s proximity to job centers, safety and the desirability of the surrounding areas all factor into home values.
Of course, you want to buy a home you can afford, but you also want to buy a home with an eye towards the future. Does this area have the potential for growth? Do you see signs of growth like construction? Or do you see a lot of for sale signs? Will property values rise? Your home isn’t just a place to live, it’s an investment. By buying a new home in a location that has potential for growth, you’re improving your chances for a good return on investment.
What are your neighbors like?
Another thing to consider when it comes to location and buying a new home is your neighbors. Different neighborhoods attract different types of people. If you have a family, do a little digging to see if the area is family friendly. It should be easy to get an idea for this with a little research online, but there’s no substitute for actually getting out there and talking to people who could be your future neighbors.
What is the commute like?
How far are you willing to live from your job? This is a question that only you will be able to answer, but in the long run more people are happier with a smaller house that’s closer to where they work than a large house that’s farther away.
To get a true idea of what the commute is like, do it during rush hour on a work day. Traffic is likely to be a lot different than it was when you visited the house on a Saturday.
See our other blogs in our home buying series.
Mortgage Pre-Approval: What Do I Need?
What’s the First Step of Buying a Home in Maryland?
Ask Us Your Questions
Do you have questions about buying a new home in Maryland? Grays Home Solutions has answers! Contact us today at 240-347-3141 to get your questions answered!